The increase in the ration and social assistance allocations is the first of many articles that will be included in the government’s modifications to the 2024 budget schedules, as approved on Monday by the Parliamentary Finance Committee.
“The Finance Committee met yesterday, Sunday, with the Minister of Finance, in which many topics were discussed related to the changes that will occur in the 2024 budget schedules,” said Representative Moeen Al-Kadhimi, a member of the committee, in a statement.
“The most important variables are an increase in the allocations related to the electricity sector and the cost of oil production, as well as an increase in the allocations for social welfare, rations, and the purchase of rice and wheat crops from farmers,” he continued.
“The amendments to the 2024 budget will be submitted to the House of Representatives next month for approval,” stated Al-Kadhimi.
The House of Representatives approved the financial budget law for the three years 2023, 2024, and 2025 on June 12, 2023, following months of lengthy deliberations between the government and parliament members. The budget approved more expenditures and investments as a direct result of the increase in oil revenues, which account for 90% of the country’s revenues.
